Fallout from Laurentian University insolvency continues

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In an earlier blog post we discussed the recent events at Laurentian University.

Following the recent Companies’ Creditors Arrangement Act, RSC 1985, c C-36 filing of Laurentian University, the University has announced drastic cuts to programs and staff. A total of 69 undergraduate and graduate programs have been cut, and reports suggest over 180 faculty, support staff, and administrators have lost their jobs.

The Laurentian University Faculty Association has also ratified a new collective agreement that will see a five percent salary cut and two-year salary freeze, although the Association’s President has claimed the vote occurred under duress.

In the wake of such news, some have called for amendments to the CCAA and questioned whether the CCAA should be available to a public university such as Laurentian. The House of Commons held an emergency debate on the Laurentian situation, given the significant consequences of the steps Laurentian is taking in the CCAA proceeding.

It remains to be seen whether Laurentian’s insolvency will spur amendments to the CCAA that might change how it applies to public institutions in the future.

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